Yup. And clicking that will takeyou to a rather, Discord-esque looking interface internernal to blizzard. You dont have to be in Beta to use this feature, and it is available now to all BattleNet users.

Additionally, clicking on your avatar icon, and viewing your profile will take you to (far left image) window where you put your profile together and link other social media accounts.

You can add notes (FINALLY) about other people which only you can see (Left). Perhaps a nick name or stuff you hate about them. You can also choose which sections are visible.

​You can also pick (below) and avatar. There is no custom avatar image at this time.